Nigeria’s leading insurer, NEM Insurance PLC, has recorded a significant jump in revenue, posting an 88% increase to N97.9 billion for the financial year ending 2024, up from N52.1 billion in 2023.
The company also increased its claims payment by nearly 60%, settling N24.9 billion in claims in 2024 compared to N15.6 billion the previous year. This rise underscores NEM Insurance’s ongoing commitment to timely and efficient claims processing. The firm’s claims ratio improved from 30% in 2023 to 25.5% in 2024, reflecting stronger underwriting discipline.
At its 55th Annual General Meeting held in Lagos, Chairman Tope Smart revealed that the Group’s Profit Before Tax (PBT) rose by 78%, reaching N33.7 billion in 2024, up from N18.9 billion in 2023. The Parent Company’s PBT also grew by 74%, hitting N33.5 billion.
The company’s financial position strengthened considerably, with financial assets growing by 70.7%, total assets increasing by 67%, and total equity rising by 70%. Earnings Per Share (EPS) more than doubled, from 260 kobo in 2023 to 582 kobo in 2024.
In recognition of its strong performance, the Board recommended a dividend of 100 kobo per N1 ordinary share, amounting to over N5 billion, subject to tax deductions.
Chairman Smart highlighted the firm’s focus on human capital, noting that over 97% of staff participated in local and international training to boost skills and performance.
Looking ahead, NEM Insurance plans to expand into life assurance, with a new company set to be unveiled soon as part of its growth strategy.
Smart thanked the management and staff for their dedication, which he credited for the company’s strong results and positive outlook.
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